By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 13 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, following the losses seen in the Chicago soy complex, analysts said.
Spillover pressure from the losses seen in Malaysian palm oil futures overnight further undermined canola.
The technical bias in the market remains pointed lower, which also encouraged some of the selling, as did expectations of a very large South American oilseed crop.
The large Canadian canola supply situation and problems moving the huge crop through Canada’s grain handling system continued to overhang prices.
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However, continued weakness in the value of the Canadian dollar, as it remains below the 92 cents US mark, helped to limit the losses.
Oversold price sentiment, ideas that canola is undervalued compared to other oilseeds and strong crush margins were also supportive.
As of 8:43 CST Monday, about 1,801 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:43 CST:
Price Change
Canola Mar 425.50 dn 4.30
May 434.70 dn 4.30
Jul 443.40 dn 4.30
Milling Wheat Mar 179.00 unch
May 184.00 unch
Durum Mar 243.00 unch
May 247.00 unch
Barley Mar 146.00 unch
May 148.00 unch
